EGL gets commitment for $250 million revolver

By Sara Rosenberg

New York, Aug. 30 - EGL Inc. received a commitment for a new $250 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America is the lead bank on the deal.

The company anticipates drawing about $100 million under the revolver to help finance its modified Dutch auction self-tender offer to purchase up to 9.615 million shares, or up to $250 million, of its common stock.

Another $10 million is expected to be drawn under the revolver at closing to refinance existing revolver debt.

In addition, Banc of America Mezzanine Finance LLC has provided the company with a commitment for a $150 million bridge facility that will also be used to partially finance the tender offer until alternative financing is obtained.

The tender offer will expire on Sept. 28. Under the tender offer, shareholders will have the opportunity to tender some or all of their shares at a price not less than $22.50 per share or more than $26.00 per share, net to the seller in cash, without interest.

EGL is a Houston-based transportation, supply chain management and information services company.

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